Following the release of financial results, Viking Therapeutics, Inc. (NASDAQ: VKTX) shares witnessed a significant rise on the US stock charts. As observed in the after-market session on Wednesday, VKTX stock experienced a remarkable increase of 19.62%, reaching $60.30.
Financial Performance and Clinical Pipeline Updates
Viking Therapeutics (VKTX) revealed its financial results for the first quarter and first half of 2024, demonstrating notable progress in its clinical pipeline and commercial strategies. VKTX is getting ready for the next stages of each program after releasing encouraging findings from three distinct clinical trials.
Notably, the Phase 2 VENTURE study of VK2735 for obesity showcased an impressive reduction in body weight by approximately 15% from baseline after 13 weeks of dosing, coupled with promising safety and tolerability.
Viking Therapeutics is moving this compound into Phase 3 development in response to input from an FDA Type C conference. VKTX is getting ready for what is expected to be an end-of-Phase 2 meeting with the government later this year.
Progress in Clinical Trials and Upcoming Initiatives
Separately, following 28 days of daily oral dosage, patients in the Phase 1 trial of the oral tablet formulation of VK2735 reported an average weight reduction of up to 5.3% from baseline, indicating favorable safety, tolerability, and positive clinical activity. The process of increasing the dosage is still under progress, and later this year, Viking Therapeutics intends to launch a Phase 2 study for this program.
Strong Financial Position for Viking and Strategic Outlook
Viking Therapeutics concluded the quarter with a robust balance sheet of $942 million, providing the financial runway to achieve key milestones for each of its pipeline programs. During the second quarter, Viking received written responses to an FDA Type C meeting packet submitted earlier in the quarter.
Based on the agency’s feedback, Viking Therapeutics intends to advance VK2735 into a Phase 3 program for obesity. Details regarding the Phase 3 trial design and timing will be disclosed following the end-of-Phase 2 meeting expected later this year.
